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Sanusi calls for continued collaboration with Gates Foundation as CBN gears up to implement National Financial Inclusion Strategy

By News Express on 08/07/2013

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Central Bank of Nigeria (CBN) Governor Sanusi Lamido Sanusi has called for continued collaboration between the Bank and the Bill and Melinda Gates Foundation (BMGF) towards the successful implementation of the Nigerian National Financial Inclusion Strategy (NFIS).

He made the call this morning while delivering the keynote address at the launch of the result of the Geospatial Mapping of Financial Institutions in Nigeria.

“I believe that we are taking a very important step here today and the partnership between the Central Bank of Nigeria and the Bill and Melinda Gates Foundation will go a long way in ensuring that our efforts to realise the targets set are a success,” Sanusi said at the event held in Ikoyi, Lagos, South-West Nigeria. “I look forward to continued collaboration. This tool as developed by BMGF will go a long way in providing the necessary support for gathering, monitoring and analysing data as we move to the implementation of the Strategy,” the CBN Governor added.

He noted that the study “provides an important tool not only for the financial industry but for consumers and policy makers as well.”

On the benefits of geospatial mapping, Sanusi said that “the potential uses of a tool like this are limitless.”

“This project,” according to him, “will act as a catalyst in the realisation of the targets outlined in our National Financial Inclusion Strategy. It is important to note that Financial Inclusion efforts rely largely on data-based evidence which is why tracking the progress of our National Financial Inclusion Strategy needs to be data-driven. This tool as developed by BMGF will go a long way in providing the necessary support for gathering, monitoring and analysing data as we move to the implementation of the Strategy.”

Continuing, the CBN Governor said: “The interactive mapping tool which has been developed is able to provide consumers of financial services in the area with the ability to find financial access points within a 5km radius of any point on the map. This proximity-based approach reflects geographic distribution of financial access points creating an ease of access to live information of the services provided by the access points.

“It is also important to note that the statistics provided from this mapping will enable Nigeria measure certain indicators and compare them across several countries providing for country by country comparison on progress of our inclusion efforts.

“The visual display of data makes it easy to see and measure evolution over time while using the tool to mark progress toward channels and products targets under the National Financial Inclusion Strategy (NFIS).

Apart from the baseline and trend analysis which could be used to measure and monitor progress of increased products and channels against the set targets under FI Strategy, GIS mapping will provide supply side data that could be used to monitor the effectiveness of other government initiatives.”

Tracing the history of the project, Sanusi recalled that the NFIS was launched in October 2012 and the overall target outlined in the strategy is the reduction of the number of adults excluded from access to financial services from 46.3% in 2010 to 20% in 2020.

“As a member of the Alliance for Financial Inclusion (AFI), this is in line with our Maya declaration in 2011,” he said, adding: “The broader aim of the target is that of the proposed 80% adult Nigerians to be included, at least 70% would be in the formal sector, with specific targets for services such as; payments, savings, credit, insurance and pensions outlined as well.”

The CBN Governor explained that “achieving these targets will require the collaborative efforts of all the stakeholders in the financial industry, and with this in mind the Central Bank of Nigeria has approved a number initiatives centered around improving inclusion some of which include; the development of Agent Banking Guidelines, and tiered Know-Your-Customer (KYC) requirements to encourage Financial Institutions to reach out to under-served segments, the development of a Consumer Protection Framework under a newly set up Consumer Protection Department  and  a national campaign to promote financial literacy.”

The event was attended by top officials of the CBN, the Gates Foundation, SpatialDev and Brand Fusion Marketing Ltd., the company contracted by BMGF to carry out the geospatial mapping.

Photo: CBN Governor, Mallam Sanusi Lamido Sanusi (2nd right); Charl van Heerden, Managing Director, Brand Fusion Marketing Ltd (left); the Nigerian Representative of BMGF, Dr. Mairo Mandara (2nd left); Modupe Ladipo, CEO, EFInA (right); and Salah Goss of BMGF (middle) at the event . . . yesterday in Lagos.

Source News Express

Posted 08/07/2013 7:22:29 PM

 

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